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GAAP Application-Internal Control Assignment


 


Recall that in Units 2 and 3 you completed the accounting cycle for Dustin Larkin of Quixote Consulting. Quixote Consulting is a part-time consulting business that recently moved from Dustin’s home into rented quarters.


 


Assume that you are the internal auditor for the business and you have to evaluate the internal control procedures that have been implemented in the business.


 


There are three objectives of internal control: (1) assets are safeguarded and used for business purposes, (2) business information is accurate, and (3) employees comply with laws and regulations. The five elements of internal control are (1) the control environment, (2) risk assessment, (3) control procedures, (4) monitoring, and (5) information and communication.


 


If you owned a business, you would expect your employees to:


 



  1. 1.      Work to achieve the business goals and objectives you establish


 



  1. 2.      Use business assets ( such as machinery or automobiles) only for legitimate business purposes and avoid wasting business resources


 



  1. 3.      Record accurate data regarding business transactions so you could accurately judge how well your business is dong.


 



  1. 4.      Refrain from stealing your cash, supplies, inventory, or property, plant, and equipment


 


In theory, you should be able to expect these things. In practice, however, you must establish an internal control framework to make sure your business objectives are achieved, assets are protected from theft and misuse, and financial data are recorded accurately.


 


The following procedures were recently installed by Quixote Consulting:


 



  1. a.       The bank reconciliation is prepared by the cashier, who works under the supervision of the treasurer.

  2. b.      All mail is opened by the mail clerk, who forwards all cash remittances to the cashier. The cashier prepares a listing of the cash receipts and forwards a copy of the list to the accounts receivable clerk for recording in the accounts.

  3. c.       At the end of the day, cash register clerks are required to use their own funds to make up any cash shortages in their registers.

  4. d.      At the end of each day, all cash receipts are placed in the bank’s night depository.

  5. e.       At the end of each day, an accounting clerk compares the duplicate copy of the daily cash deposit slip with the deposit receipt obtained from the bank.

  6. f.       The accounts payable clerk prepares a voucher for each disbursement. The voucher along with the supporting documentation is forwarded to the treasurer’s office for approval.

  7. g.      After necessary approvals have been obtained for the payment of a voucher, treasure signs and mails the check. The treasurer then stamps the voucher and supporting documentation as paid and returns the voucher and supporting documentation to the accounts payable clerk for filing.

  8. h.      Along with petty cash expense receipts for postage, office supplies, etc., several post-dated employee checks are in the petty cash fund.


 


Instructions


 


Indicate whether each of the procedures of internal control represents: (1_ a strength or (2) a weakness. For each weakness, indicate why it exists and what procedures should be put into place to alleviate the risk.


 


For each letter A through H you should have at least a one paragraph answer.


 


 


 


Hello Tutor, Do you think you can help me with this assignment

Hello Camaleon

Please advise your deadline

Thank you

Customer: replied 4 years ago.

Hello Tutor,



11/20/2012 at 9pm Easter time,


 


I will like to attach an Excel file to show you Units 2 and 3 answer that I completed for your reference, but I dont how.


 


Thank You!

You can upload them to www.mediafire.com then copy and paste the share link here, but from what I read, the amount you are offering would not compensate for the time that would be involved in addressing the post.

Please consider adding a bonus (and advise how much)

Thank you

Customer: replied 4 years ago.

Hello tutor,


 


I agree! please tell me how much $ will be consider .


 


Thank You!

I trust you are fair, so let me work on the assignment and then I am sure you will add a fair amount
Customer: replied 4 years ago.

Thank you, XXXXX XXXXX me know if you need the excel file, just I dont know how attach the file, sorry about that.


 


 

Please upload them just in case.

You can upload them to www.mediafire.com then copy and paste the share link here

Customer: replied 4 years ago.
Thank you
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Hello camaleon,

I see you got the solution but you did not rate it. Is there anything that you need explained? If yes, please advise, if not, please rate the solution

Thank you

Customer: replied 4 years ago.


I did already with Execellent Service.


 


Thank You!

Yes you did :)

I had sent my message on 11/21

All the best

Customer: replied 4 years ago.

Can you help me with another Assignment?

I probably can, please make a new post for the new assignment. When you do, please advise your deadline

P.S. Please type "For BusinessTutor" at the beginning of the post

Thank you

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